MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
G B EXTRUSIONS PRIVATE LIMITED (w.e.f. 14.05.2007) |
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Formerly Known
As : |
GITESH PIPES PRIVATE LIMITED |
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Registered
Office : |
V-12, MIDC Jalgaon - 425003, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.01.2002 |
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Com. Reg. No.: |
11-134441 |
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Capital
Investment / Paid-up Capital : |
Rs.6.625 Millions |
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CIN No.: [Company Identification
No.] |
U25200MH2002PTC134441 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKG00938A |
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PAN No.: [Permanent Account No.] |
AABCG5011H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Rigid PVC Pipes |
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No. of Employees
: |
22 (in office) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 62000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can considered for business dealings with some cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Sunil Patil |
|
Designation : |
Accounts Departments |
|
Date : |
02.08.2011 |
LOCATIONS
|
Registered Office / Factory : |
V-12, MIDC Jalgaon - 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2271141 |
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Mobile No.: |
91-9823044880 (Mr. Prakash) |
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Fax No.: |
91-257-2270059 |
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E-Mail : |
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Website : |
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Area : |
2800 Sq. mtrs |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Giteshkumar Girish Mundhra |
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Designation : |
Director |
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Address : |
Plot No. 8, Prakash Apartment, Grahkool Housing Society, Behind Kashinath
Lodge, Jalgaon – 425003, Maharashtra, India |
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Date of Appointment : |
04.01.2002 |
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Name : |
Mr. Prakash Girishkumar Mundhra |
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Designation : |
Director |
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Address : |
Plot No. V-12, C/o Gitesh Pipes Private Limited, MIDC, Jalgaon – 425003,
Maharashtra, India |
|
Date of Appointment : |
04.01.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prakash Girish Mundhara |
|
36900 |
|
Gitesh Girish Mundhara |
|
12250 |
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Vijayalaxmi Mundhara |
|
950 |
|
Surekha B. Mundhara |
|
1000 |
|
Praksh B. Mundhara |
|
3653 |
|
Girishkumar Mundhara |
|
1000 |
|
Abhay Biyani |
|
500 |
|
Abhinav Bihani |
|
500 |
|
Anju Bihani |
|
400 |
|
Ashish Kumar Bihani |
|
500 |
|
Devkindan Bihani |
|
500 |
|
D R Bihani |
|
300 |
|
Maa Gayatry Supplyers Private Limited, Kolkata |
|
3800 |
|
Mamta Bihani |
|
500 |
|
O P Rathi and Sons, Kolkata |
|
500 |
|
Pawan Kumar Bihani |
|
1000 |
|
PRB and Sons (HUF), Kolkata |
|
1000 |
|
Subhaschandra Bihani |
|
800 |
|
Tara Bihani |
|
200 |
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|
|
|
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Total |
|
66253 |
AS ON 30.09.2010
|
Category |
Percentage |
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|
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Directors or relatives of Directors |
78.63 |
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Other top fifty shareholders |
21.37 |
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|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rigid PVC Pipes |
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Brand Names : |
G B Plast |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
PVC Pipes |
Kgs |
NA |
NA |
1449260 |
|
PVC Scrap |
Kgs |
NA |
NA |
38569 |
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PVC Compounding |
Kgs |
NA |
NA |
-- |
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GENERAL INFORMATION
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Customers : |
·
Retailers ·
Wholesalers |
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No. of Employees : |
22 (in office) (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
State Bank of India ·
Jalgaon
Janata Sahakari Bank Limited, M I DC Area, Market Yard, Jalgaon, Maharashtra
– 425003, INDIA |
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Facilities : |
CC Rs. 15.000 millions
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
A R Shah and Associates Chartered Accountant |
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Address : |
9-Datta Colony, Shahunager, Jalgaon – 425001, Maharashtra, India |
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Tel. No.: |
91-257-2222823 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55753 |
Equity Shares |
Rs.100/-
each |
Rs.5.575
Millions |
|
10500 |
Equity Shares (Issued at Premium) |
Rs.100/-
each |
Rs.1.050
Millions |
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Total |
|
Rs.6.625 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
6.625 |
9.175 |
9.975 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.450 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.679) |
(3.125) |
(3.962) |
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NETWORTH |
15.396 |
6.050 |
6.013 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
24.549 |
9.946 |
10.179 |
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2] Unsecured Loans |
2.692 |
1.890 |
0.811 |
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TOTAL BORROWING |
27.241 |
11.836 |
10.990 |
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DEFERRED TAX LIABILITIES |
0.098 |
0.064 |
0.000 |
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TOTAL |
42.735 |
17.950 |
17.003 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.246 |
4.785 |
4.605 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.475 |
0.475 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
20.189
|
10.975 |
7.735 |
|
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Sundry Debtors |
19.405
|
9.553 |
12.594 |
|
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Cash & Bank Balances |
5.726
|
0.770 |
0.908 |
|
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Other Current Assets |
0.177
|
0.002 |
0.000 |
|
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Loans & Advances |
1.462
|
1.932 |
0.493 |
|
Total
Current Assets |
46.959
|
23.232 |
21.730 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
7.586
|
9.751 |
9.461 |
|
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Other Current Liabilities |
0.659
|
0.350 |
0.000 |
|
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Provisions |
0.725
|
0.441 |
0.346 |
|
Total
Current Liabilities |
8.970
|
10.542 |
9.807 |
|
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Net Current Assets |
37.989
|
12.690 |
11.923 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.735 |
17.950 |
17.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
NA |
NA |
NA |
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|
Less |
EXPENSES |
NA |
NA |
NA |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.633 |
3.081 |
3.025 |
|
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|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.419 |
1.554 |
1.975 |
|
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|
|
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|
OPERATING
PROFIT |
3.214 |
1.527 |
1.050 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.693 |
0.576 |
0.729 |
|
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|
|
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PROFIT BEFORE
TAX |
2.521 |
0.951 |
0.321 |
|
|
|
|
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Less |
TAX |
0.075 |
0.114 |
0.001 |
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PROFIT AFTER TAX
|
2.446 |
0.837 |
0.320 |
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|
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Earnings Per
Share (Rs.) |
36.91 |
12.63 |
4.82 |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
140.000 |
|
|
|
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|
The above information has been parted by Mr. Sunil Patil.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.92
|
3.39 |
1.21 |
|
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.15 |
0.05 |
|
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|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
5.79 |
5.44 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.23
|
2.20 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars (Partial
Details) |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
7.586 |
9.751 |
9.461 |
|
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|
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|
(Rs.
In Millions)
|
Particulars
(Partial Details) |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
20 Microns Limited, Bhivandi |
0.050 |
0.050 |
0.000 |
|
Ala Chemicals Private Limited, Mumbai |
0.006 |
0.378 |
0.000 |
|
Ashok B Marathe, Jalgaon |
0.004 |
0.000 |
0.000 |
|
ASU Process Control Pune |
0.001 |
0.000 |
0.000 |
|
Bhatia Ele Workls jalgaon |
0.009 |
0.000 |
0.000 |
|
Bonde Graphics Jalgaon |
0.012 |
0.002 |
0.000 |
|
Calchem Industries (Ind.) Limited |
0.265 |
0.000 |
0.000 |
|
Chemicals and Minerals Industrial Private Limited |
0.586 |
0.696 |
0.650 |
|
CMYK Press Jalgaon |
0.067 |
0.000 |
0.000 |
|
Dhanraj Distributors Private Limited |
0.000 |
0.043 |
0.000 |
|
Dwarka Industries Jalgaon |
0.001 |
0.000 |
0.000 |
|
Kemco Corporation, Mumbai |
0.296 |
0.409 |
0.000 |
|
M K Industries, Mumbai |
0.034 |
0.587 |
0.953 |
|
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FORM : 8
|
Corporate identity number of the company |
U25200MH2002PTC134441 |
|
Name of the company |
G B EXTRUSIONS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
V-12, MIDC, Jalgaon – 425003, Maharashtra,
INDIA |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Jalgaon Janata Sahakari Bank Limited, M I DC
Area, Market Yard, Jalgaon, Maharashtra – 425003, INDIA |
|
Nature of instrument creating charge |
1) Letter Of Hypothecation 2) Working Capital Demand Loan Agreement |
|
Date of instrument Creating the charge |
30/01/2010 |
|
Amount secured by the charge |
Rs. 15.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Interest @ 13.75% P.A. Penal Interest Is @2% P.A In Case Of
Defaults. Terms
of repayment The loan shall be repayable in 60 equal
monthly installments. The first installment will be commenced from 1 month
after the date of first disbursement. Margin As may be decided by the bank. Extent
and operation of the charge Charge is created for hypothecation
of machineries / goods / book debts in
favour of the bank. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Charge Is Secured Against Hypothecation Of
Machineries/Goods/Book Debts Which Have Already Been Fixed Or Lying Loose In
The Premises At Plot No. V-12, M.I.D.C. Jalgaon And Also Mortgage Of The Immovable property including building and
structure constructed thereon more particularly described in the said
hypothecation agreement. |
TRADE REFERNECS :
·
Opeque Chemicals Private Limited Nagpur
·
M K Industries Private Limited – Mumbai
FIXED ASSETS :
·
Factory Building
·
Land
·
Air Conditioner
·
Plant and Machinery
·
Mobile Handsets
·
Dies
·
Pulverizer
·
Furniture
·
Truck
·
Computer
·
Laptop and Printer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.37 |
|
|
1 |
Rs. 72.20 |
|
Euro |
1 |
Rs. 62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
No |
|
--AFFILIATION |
YES/NO |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.